Credit Unions are a great alternative to traditional banks. If you want a financial institution that other members rather than the government owns, then you’re in the right place.
Credit Unions are ideal if you want group affiliations such as homeowner associations, religious organizations, labor, and school unions. You don’t even have to be a part of these organizations. You can be a close family member and still be eligible for membership.
The credit unions’ profits get returned to the members themselves, which is excellent as they come with low monthly fees.
Here are the best credit unions you can be a part of!
Best Credit Union of 2024 Overview
- Top Consumer’s Choice: Alliant Credit Union
- Largest Credit Union: Navy Federal Credit Union
- Best Non-Profit: Connexus Credit Union
- Best in California: SchoolFirst Credit Union
- Highest Checking Account APY: Consumers Credit Union
- Best for Students: Boeing Employees Credit Union
- Best for Digital Banking: American First Credit Union
- Best Overall Credit Union: Golden 1 Credit Union
- For Military Members: Pentagon Federal Credit Union
- Best Checking and Savings Options: First Tech Federal Credit Union
- Best For Both Online and In-Branch Banking: America First Credit Union
What are Credit Unions?
Credit unions are considered a type of financial institution that mainly deals with members and serves their needs. The main goal of many credit unions is to improve the community by offering better services to their members.
Most Credit Unions provide their members with the same benefits as a typical bank does, if not better. The only difference is that they have much better interest rates and improved terms.
The national credit union administration typically insures credit Unions ( NCUA). It is the same as FDIC. Only it ensures Credit Union deposits rather than bank deposits.
Not only that, but it also works to protect its members and monitor these same credit unions financially.
Who is Credit Union Best for?
A Credit union might be a better deal if you’re looking for a more custom and personal approach to banking with lower monthly service fees than usual.
Credit Unions offers more personalized customer service, with better interest rates, loans, and credit cards.
If you’re someone that wants to open an account without paying any fees to open and maintain it, then a credit union might be perfect for you.
11 Best Credit Unions: Detailed Insight
#1. Top Consumer’s Choice: Alliant Credit Union
Alliant has the perfect alternate banking system if you’re looking for something completely robust when it comes to banking services.
Alliant’s headquarters are located in Chicago. However, it offers more than 80,000 ATM locations free of any fees.
Application Requirements?
There are several requirements you have to fulfill in order to become a member of Alliant.
- You have to be located near Alliant’s headquarters
- You have to be a Foster Care Member by donating $5
- You have to take part in some qualifying company
- You have to work at some organization that partners up with Alliant ( or you can be a retired employee)
- You have to have a spouse or an immediate family member to someone that has an Alliant account.
Account Types?
There are two types of an account that Alliant offers: savings and checking accounts.
The savings account allows you to earn as much as 0.55% APY. Once you open a savings account, you will get a signature credit card that you can freely use.
The checking account comes with no monthly service fee and no minimum balance requirements. You can earn 0.25% APY if you add some monthly direct deposits.
Other Offered Services?
Alliant offers several incredible services such as retirement savings, student loans, auto loans, CDs, credit cards and personal investments, home equality loans, and even mortgages.
#2. Largest Credit Union: Navy Federal Credit Union
With $111 billion in assets, Navy Federal Credit Union is considered one of the largest credit union banks.
With more than 19,200 employees worldwide, Navy Federal Credit Union has become one of the most widespread credit unions in the world.
Aside from the fact that it offers various banking services, it also makes donations and is a part of many charitable organizations.
Application Requirements?
There are several requirements you have to fulfill in order to become a member of the Navy Credit Union.
- You either have to be a military member, veteran, or a retired personnel
- You have to be a very close family member of a military member.
- You have to be a department of defense personnel
Account Types?
Navy Federal offers one type of savings account and five types of checking accounts. The savings account has no monthly service fees, although it comes with a $5 monthly deposit. Like many credit unions, it has a 0.25% APY.
All five checking accounts have a 0.5% APY, with $120 annual ATM rebates. The best thing about these accounts is that they are all free to open and come with no monthly deposits.
Other Offered Services?
Navy Credit Union offers several incredible services such as retirement savings, student loans, auto loans, CDs, IRA, credit cards and personal loans, home equality loans, and even mortgages.
#3. Best Non-Profit: Connexus Credit Union
Connexus Credit Union is a cooperative that has members all over the USA.
The members themselves own this non-profit organization. This means that it doesn’t belong to any shareholders nor individuals.
Because of this, the funds from the members are distributed for the whole organization to improve and make as lower fees as possible.
Application Requirements?
There are different requirements you have to fulfill to become a member of Connexus Credit Union.
For example, you can live in certain areas, become a part of specific groups, and even be a close relative to a member.
There is another way to become a member: making a $5 donation to the Connexus Association.
Account Types?
There is a savings account that offers a 0.25% APY. It comes with no monthly fees and no minimum balance, and you can also get a credit card.
The only thing you need is to keep $100 in your account.
There is also a free checking account that allows you to make up to 15 purchases with your debit card, and unlike most credit unions, you can earn up to 1.75% APY.
Other Offered Services?
Connexus Union offers several incredible services such as retirement savings, student loans, auto loans, credit cards and personal investments, home equality loans, and even mortgages.
#4. Best in California: SchoolFirst Credit Union
School First Credit Union is specifically designed to serve California’s educational population.
It offers reliable checking and savings accounts with minimum monthly fees. Unlike many traditional banks and other credit unions in California, it includes free access to ATMs and no atm fees.
It provides more than $232 million to its members and their benefits.
Application Requirements?
There are different requirements you have to fulfill to become a member of Schools First Credit Union.
- You have to be a school employee,
- A close family member of the employee
- Working at a company partnered up with schools
- Retired educational employees
Account Types?
The checking account that applies to most of the members comes with no account balances requirements. Unlike other credit unions, it requires only $5 to open and to maintain.
The only downside is that it only has a 0.06% APY rate.
Other Offered Services?
School First Credit Union offers several incredible services such as retirement savings, student credits, auto credits, credit cards and personal investments, home equality loans, and even mortgages.
#5. Highest Checking Account APY: Consumers Credit Union
Consumers Credit Union is the only credit union that provides you with the highest checking account APY.
Not many credit unions allow you to earn interest as high as 4.09% APY, and this is what makes Consumers one of the top credit unions.
It’s ideal for people that want to earn interest and get free ATM refunds.
Application Requirements?
To open an account, you’ll only need a $5 donation to the Consumers Cooperative Association and a monthly deposit of $5 to your savings account.
Account Types?
Depending on your debit card purchases, you can open a checking account with just $5 and earn an APY higher than 2.09%.
The savings account, on the other hand, earns a bit lower interest rate. It only earns you 0.03% APY. This is a bit lower than standard online banks.
Other Offered Services?
Like other credit unions, Consumers Credit Union offers several incredible services such as retirement savings, student loans, auto loans, credit cards and personal investments, home equality loans, and even mortgages.
#6. Best for Students: Boeing Employees Credit Union
BECU is one of the largest financial institutions meant for students, staff, and faculty.
It is one of the largest credit unions in Washington that offers financial products to its members. Although first limited to employees, now it’s available for other members as well.
It offers an impressive range of lower account fees than usual and provides a broad credit union membership to people that fulfill the requirements.
Application Requirements?
There are several types of requirements you have to fulfill in order to become a member of the Boeing Credit Union.
- You have to be a resident in Idaho and Oregon
- You have to work at some BECU union.
- You have to be a student or a staff member of some universities Washington State University Alumni Association, University of Washington Alumni Association, KEXP, or NW Credit Union Foundation.
- If you’re a business owner, you have to be somehow connected with these organizations and locations.
Account Types?
There are two types of savings accounts and three types of checking options.
The BECU savings offers an APY of 1.00% and comes with no fees or minimum balance requirement. Youth Banking is meant for kids and earns you 2.02% APY within the first $500.
The checking accounts consist of Free Checking, Teen checking, and BECU checking. The first is ideal for people interested in free access to their accounts, zero monthly fees, and online banking solutions.
Other Offered Services?
BECU offers several incredible services such as retirement savings, student loans, auto loans, CDs, credit cards and personal loans, home equality loans, and even mortgages.
#7. Best for Digital Banking: American First Credit Union
American First Credit Union is the best credit union when it comes to online, mobile, and overall digital banking.
It allows you to sign up and view all of your e-statements, transfer funds, pay loans online, and so much more.
Many people like this credit union because they can gain a lot of knowledge and learn about banking services.
Application Requirements?
There are several types of requirements you have to fulfill in order to become a member of the Boeing Credit Union.
- You have to be an employee of a business that has partnered up with American.
- Work, study, or live in 14 qualified cities in southern California
- Live with someone, or be a relative to an existing member
Account Types?
There are several types of accounts American Union offers. These are savings accounts, money market accounts, retirement accounts, and certificate accounts.
With savings accounts, you can earn a high-interest APY and save your savings for a destined goal.
The money market account allows you to save money faster and keep them for the long term.
The retirement accounts and the certificate accounts helo you set terms in which you can grow your funds.
Other Offered Services?
American Union offers several incredible services such as digital services, mobile app services, youth accounts, purchase property and even refinance commercial property.
#8. Best Overall Credit Union: Golden 1 Credit Union
Golden 1 Credit Union is the best overall credit union in California, with more than 1 million users.
Golden 1 offers incredible members access that involves physical and digital services. It has the most considerable number of free checking options that require no account balance.
Application Requirements?
There aren’t many requirements you have to fulfill in order to become a member of the Golden 1 Credit Union.
You only have to be a permanent resident of California, and that’s it.
Account Types?
There are four types of savings accounts and five types of checking accounts.
All of the savings accounts allow you to earn up to 0.08% APY. Only the Regular Savings comes with no fees and comes with actual savings.
The rest are meant for special occasions such as targeted goals or weddings.
Only the Free Checking Account, New Generation Checking, Freedom Checking, and Student Checking come with no fees and are meant for students and teens that want to withdraw money without paying anything extra.
The Premium Checking Account is meant for people that have $1000 in their account.
Other Offered Services?
Golden 1 offers several incredible services such as retirement savings, student loans, auto loans, CDs, credit cards and individual loans, home equality loans, and even mortgages.
#9. For Military Members: Pentagon Federal Credit Union
Pentagon Federal Credit Union is one of the best credit unions for serving military members and people related to the military itself.
It is insured by the National Credit Union Administration (NCUA), and it has members throughout all 50 states of America.
It was established in Washington, and now it serves more than 2 million members. Not only it offers banking products, but it also provides excellent customer service.
Application Requirements?
There are several types of requirements you have to fulfill in order to become a member of the Boeing Credit Union.
One free way to join this credit association is to serve in the military or be somehow associated with the military. Or, you can simply be a US resident and pay a $5 fee to keep your account open.
Account Types?
There is only one type of checking account. In this account, you can earn up to .40% APY. You can also direct deposit $500 each month or keep that balance the same, and you get to pay no overdraft fees at all.
There is a regular and a premium savings account. With the premium account, you can earn up to .60% APY.
Other Offered Services?
Pentagon offers several incredible services such as digital services, mobile app services, youth accounts, purchase property and even refinance commercial property.
#10. Best Checking and Savings Options: First Tech Federal Credit Union
First Tech Federal offers checking and savings abilities to earn interest with low minimum deposit fees.
What’s unique about this credit organization is that members can personally contact the credit union by calling it or texting it on Twitter and Facebook.
It also comes with a mobile app that has one of the highest ratings from any of the other mobile apps.
Application Requirements?
There are several types of requirements you have to fulfill in order to become a member of the First Tech Union.
- You have to work in a company that is their partner,
- Be a family member of that employee
- Live or work in Oregon
- Belong to the Financial Fitness Association or the Computer History Museum
Account Types?
To open a savings account, you’ll only need 1 cent and don’t have to pay any fees. This means that you don’t have to have a certain balance to keep your account open. But, you’ll have to open a Membership account if you want to open other accounts, and you’ll earn up to 0.50% APY.
Other Offered Services?
First Tech offers several incredible digital services, mobile app services, youth accounts, purchase property and even refinance commercial property.
#11. For Both Online and In-Branch Banking: America First Credit Union
America First Credit Union is one of the best credit unions meant for in-branch and online banking.
Formed in 1939, this credit union is accessible to New Mexico, Arizona, Idaho, Nevada, and Utah residents.
One of the best credit unions allows you to discover deals and discounts, cover medical costs and expenses, and get an official debit card.
Application Requirements?
To become an active member, you have to live or work in the previously stated states.
Account Types?
The checking account is completely free, with no monthly maintenance fees and zero account balance. However, if you keep over $500 in your account, you can earn up to 0.05% APY.
A money market account also allows you to earn up to 0.05% APY for balances over $2000.
You can open a savings account by depositing only $1. You can earn 0.05% APY with just $1.
Other Offered Services?
America First offers several incredible services such as retirement savings, student loans, auto loans, CDs, credit cards and personal investments, home equality loans, and even mortgages.
Best Credit Union Comparison
| Credit Union | Minimum Deposit | Monthly Fee | APY% | In-branch or Online |
|---|---|---|---|---|
| Alliant Credit Union | $0 | $0 | 0.55% | Online |
| Navy Federal Credit Union | $5 | $0 | 0.50% | In-branch |
| Connexus Credit Union | $25 | $8.99 | 0.25% | In-branch |
| SchoolsFirst Credit Union | $25 | $0 | 0.06% | In-branch |
| Consumers Credit Union | $5 | $0 | 4.09% | In-branch |
| Boeing Employees Credit Union | $10 | $10 | 1.0% | In-branch |
| American First Credit Union | $500 | $0 | N/A | In-branch |
| Golden 1 Credit Union | $1 | $0 | 0.08% | In-branch |
| Pentagon Federal Credit Union | $25 | $10 | 0.40% | In-branch |
| First Tech Federal Credit Union | $500 | $0 | 0.50% | In-branch |
| America First Credit Union | $500 | $0 | 0.05% | In-branch |
How We Rank the Best Credit Unions?
To choose the best credit unions, we followed several criteria lists.
We chose credit unions that offered impeccable financial services. These credit unions are considered the largest credit unions, thus providing the most extensive variety of products and services.
These credit unions also have savings rates that come close to the 1% APY. This is important as some credit unions offer much lower interest rates and are not valuable to join.
They also come with almost no monthly fees, and the ATM fees are non-existent. What’s great about these credit unions is that they come with digital services such as online banking and mobile apps.
How to Choose the Best Credit Union?
When looking for a credit union, you have to consider these essential factors.
First, take a look at the financial services they offer. Many larger credit unions provide high-interest rates, free checking and savings accounts, and low monthly maintenance fees.
You also want to join a credit union that is federally insured. Many of the best credit unions offer reward bonuses for the credit card and provide you with a mobile app where you can look at your credit history.
A full-service credit union also provides no ATM fees and has minimum balance requirements.
Conclusion: Best Credit Union
The best credit union is Alliant Credit Union. With more than 80,000 ATM locations, it offers entirely fee-free access to money withdrawals within the ATMs.
There are many ways to become a member of the Alliant Credit union that doesn’t have extreme requirements. Suppose you happen to be in the military or even closely related to someone that works in military services. In that case, you get completely free access to the Alliant checking account and savings account.
And if you don’t fulfill these requirements, don’t worry. You don’t have to make a monthly direct deposit to open the checking and savings accounts, you can simply make a $5 donation, and you’re good to go.
Credit Union FAQs
Which Credit Union is the most accurate?
If you want a credit union that offers the most legit baking services, then Alliant is perfect for you. Not only is NCUA insured, but it offers completely novel services that fit any of your needs.
Which credit union is best for me?
To choose the right credit union, you can always do some research and check the rates and frees, the customer service, and the banking services it offers.
What is the downside of a credit union?
One of the most significant downsides to credit unions is that many of them don’t come with any branch locations so that you will have limited access to them.
Can credit unions be trusted?
Like banks, Credit Unions are entirely safe. The only difference is that FDIC federally insures banks, and credit unions have NCUA insurance. This ensures that your money will be safe even if the credit union fails.